Buying a luxury condo in South Florida is one of the most exciting real estate decisions you can make — and one of the most complex. Unlike purchasing a single-family home, a condo purchase means you're also buying into a building, an HOA, and a shared financial future with hundreds of other owners.

In 2026, Florida's updated condo regulations have added new layers of due diligence that every buyer must understand. This checklist will help you ask the right questions, avoid costly surprises, and close with confidence.

The health of the HOA is arguably the most important factor in a condo purchase. A well-run association protects your investment. A poorly managed one can cost you tens of thousands of dollars in unexpected assessments.

Request and review:

• Current budget — is the association operating in the black?
• Reserve fund balance — is it adequately funded for major repairs?
• Reserve study — when was it last updated, and what does it project?
• Meeting minutes from the last 2 years — look for recurring issues, disputes, or deferred maintenance discussions
• Pending litigation — any lawsuits involving the association?
• Special assessments — have any been levied recently, and are any being discussed?

In Florida, sellers are required to provide condo documents to buyers, who then have a review period (typically 3 business days) to cancel the contract if they're not satisfied. Use this window seriously — don't skim.

Following the 2021 Surfside collapse, Florida enacted significant new legislation affecting condo buildings three stories or taller. As of 2026, here's what you need to know:

• Milestone inspections are required for buildings 30 years or older (25 years if within 3 miles of the coast)
• Phase 1 inspections must be completed by December 31, 2024 for qualifying buildings
• Phase 2 inspections (more detailed structural analysis) are triggered if Phase 1 finds concerns
• Structural Integrity Reserve Studies (SIRS) are now mandatory, and associations must fund reserves based on the study's findings

Before buying in any building subject to these requirements, ask:

• Has the milestone inspection been completed?
• Were any issues found, and if so, what is the remediation plan and timeline?
• Has the SIRS been completed, and what are the projected reserve contributions?

Buildings that have not yet completed required inspections or are facing significant structural remediation carry elevated risk. Your agent and attorney should help you evaluate this carefully.

A special assessment is a one-time charge levied on all unit owners to fund a major expense that the reserve fund can't cover — things like roof replacement, elevator modernization, lobby renovation, or structural repairs.

Ask the association directly: Are any special assessments currently being discussed or planned?

Also review the meeting minutes carefully. Boards sometimes discuss upcoming assessments for months before formally approving them. If a $50,000 assessment is coming six months after you close, you want to know before you sign.

If you're buying as an investment or want the flexibility to rent your unit, the building's rental policy is critical. Some luxury buildings in South Florida allow short-term rentals (30 days or less), while others require minimum lease terms of 6 or 12 months. A few buildings prohibit rentals entirely during the first year of ownership.

Review the condo documents for:

• Minimum lease term requirements
• Rental approval process (does the board need to approve tenants?)
• Any caps on the percentage of units that can be rented simultaneously

If rental income is part of your financial plan, confirm the policy before you fall in love with a unit.

Florida's insurance market has been volatile, and condo buildings are not immune. The master policy held by the HOA covers the building's structure and common areas, but the scope of coverage varies significantly.

Understand whether the building has:

• All-in coverage — covers original fixtures and finishes inside units
• Bare walls coverage — covers only the structure; you're responsible for everything inside your unit walls

This determines how much individual condo insurance (HO-6 policy) you'll need to purchase. Also ask about the building's current insurance premium and whether it has increased significantly in recent years — large premium increases often lead to HOA fee increases or special assessments.

Even in a luxury building, individual units can have issues that aren't visible to the naked eye. Always hire a licensed inspector who specializes in condos. Key areas to focus on:

• HVAC system — age, condition, and maintenance history
• Water intrusion — check ceilings, walls, and under sinks for signs of past or current leaks
• Plumbing — especially in older buildings where pipes may be original
• Electrical panel — is it up to current code?
• Windows and sliding doors — are they impact-rated? Any seal failures or fogging?
• Balcony — condition of railings, waterproofing, and concrete

In high-rise buildings, also ask about the building's water pressure, generator capacity, and elevator maintenance schedule.

The purchase price is just the beginning. Before you commit, calculate your true monthly carrying cost:

• HOA fee — what does it include? (water, cable, internet, valet, amenities)
• Property taxes — request the current tax bill and understand how reassessment at sale price will affect it
• Condo insurance (HO-6)
• Flood insurance — required if the building is in a flood zone
• Parking fees — are spaces included or additional?
• Storage fees — if applicable

In some luxury buildings, HOA fees can exceed $3,000–$5,000 per month. Make sure you're budgeting for the full picture, not just the mortgage.

Not all condo buildings are approved for conventional financing. Fannie Mae and Freddie Mac have specific requirements for condo project approval, and buildings that don't meet them may only be purchasable with cash or portfolio loans (which typically carry higher rates).

Common reasons a building may not be warrantable:

• High percentage of investor-owned units
• Pending litigation involving the HOA
• Inadequate reserve funding
• Commercial space exceeding a certain percentage of the building

If you're financing your purchase, your lender will need to review the condo questionnaire and confirm the building is eligible. Do this early in the process — discovering a building is non-warrantable after you're under contract is a painful surprise.

In a luxury high-rise, not all units are created equal. Consider:

• Floor and views — higher floors command premiums; corner units offer more light and better views
• Noise — units near elevators, trash rooms, or mechanical equipment can be noisy
• Sun exposure — east-facing units get morning sun; west-facing units get afternoon sun and heat
• Proximity to amenities — pool level units may have more foot traffic and noise

If possible, visit the unit at different times of day to get a sense of light, noise, and traffic patterns.

South Florida's luxury condo market is complex, and the stakes are high. Work with a buyer's agent who specializes in this market and can help you navigate the due diligence process, identify red flags in HOA documents, and negotiate effectively on your behalf.

I'm Matilde Leyva, a luxury real estate agent at Douglas Elliman. I've helped buyers navigate luxury condo purchases throughout Fort Lauderdale, Boca Raton, and the surrounding area. If you're in the market for a luxury condo in 2026, I'd love to be your guide.

Contact me to start your search.